2013-02-01
2013-02-09
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measurements? can we compare national figures over time to determine if our economy is making progress? u.s. economic growth-- what is the gross national product? with economic analyst richard gill, we'll explore that question on this edition of economics usa. i'm david schoumacher. these computer tapes at the bureau of economic analysis in washington document 50 years of america's economic growth. they provide access to the accounting system known as gnp. when the united states faced its worst economic crisis, the great depression, no such measuring tool existed, until this report went to the senate. copies of national income, 1929-1932 are scarce today, but back in 1934, it was very popular. 4,500 copies were sold in 8 months. the report was made by a team from the department of commerce when congress demanded more information. what was the great depression costing the american economy? led in part by the auto industry, the economy grew rapidly in the 1920s, generating more jobs, more income, and more free time. as long as the factories were humming, there was little concern about how w

street is still hurting. unemployment rising. the economy? it's shrinking. gdp contracting last year for the first time in four years and consumer confidence tanking as that payroll tax hike cuts into workers' paychecks. add it all up, is it time to strike calls for more tax hikes? down. i'm brenda buttner, this is "bulls & bears." we've got gary smith, tobin smith, jonas max ferris, and john layfield and susan fox. the white house and democratic leaders still pushing tax hikes. should they be? >> absolutely not, brenda. what i don't understand is how you can propose tax hikes without looking at what the scholars say, the studies say. look, if there was studies out there says raising taxes, great for the economy, i'd get behind it. but you know what, brenda? every single scholarly study for the past 15 years has said one thing: higher taxes, negatively impact growth. it's funny, forget all that, though. if you just look anecdotally, when the left wants to inhibit behavior, whether it's energy consumption or cigarette smoking or any one of the other things they have, what's the very

to last. siemens, answers. >> theu.s.economyinthefourthquarte of. the u.s. economy in the fourth quarter of last year october, november, december contracted by 0. 1%. one-tenth of 1%. it was the first contraction in three years and it rattles financial markets. much of the slippage in gross domestic product, was due to what the u.s. federal reserves describes as quote weather related disruptions and other transitory facts unquote. the central bank is keeping monetary policy on hold. and says n worth of long-term securities a month, until there is a substantial improvement in the outlook for the labor market. also, the cut back in department of defense outlays, is likely to fuel concerns about the size of a slow down and the full economic fallout of the large quote unquote sequester cuts scheduled for a month from now, the start of march. the president's press secretary said this about the sequester. quote, across-the-board cuts to education, to research and development, would have repeat, would have, damaging effects on our economy and our long-term economic prospects. unquote. a growing

, the thing that is really holding the economy back? if so then you had a bad week. >> first jobs report of the year. >> fourth quarter gdp numbers are down. >> the republican party can't move forward. >> government spending does actually help the economy. >> a trillion dollar stimulus bill, supposed to create jobs. >> we need to start solving the actual problem. >> we need to cut spending. >> cutting. >> cutting very popular social insurance programs. medicaid, medicare, social security, health care. >> there is another economic reason why we need reform. >> let's help to build the greatest economic engine the world has ever known. >> as congress gets ready to tackle the immigration, there will be a snag. >> the republican party can't move forward. >> doesn't want to do anything on comprehensive immigration reform. >> what would you do about immigration? >> how to deal with border security. >> first we strengthen the borders. >> they have to be reasonable how they do it. >> we define ourselves as a nation of immigrants. >> the economy is back in the spotlight. >> government does help th

of commons in his weekly question time session which topics included state of the economy, housing benefits for veterans and a proposed tax increase on beer and alcohol. this is 35 minutes. >> order. questions to the prime minister. alison seabeck. >> thank you, mr. speaker. this morning i had meetings with mine tieral colleagues and others and in addition to my duties in the house i will have other meetings today. >> alison sea beck. >> i'm hear to speak, it right a mother in his constituency should not speak of the bedroom tax and confirm why her minister be able to offer her son, serving in the magesty's armed forces either a home or a bedroom on his return from duty? >> the reforms to housing benefit that we're putting in place, i'll very happily look at the case, as the honorable lady says. but the reforms that are put in place have a very clear principle of the heart. there are many people in private rented accommodation who do not have housing benefits and can't afford extra bedrooms and we have to get control of housing benefits. we're now spending as a country $23 billion pounds on

's plan a is not only working with the economy is beginning to turn the corner? >> i'm grateful to my honorable friend. i think we should listen very carefully to what the governor of the bank of england said. we have said of course that growth is slower than we would like, but the economy is moving in the right direction. the rebalancing is taking place. the things that need to be fixed in our economy in terms of bank lending and housing supply, these things are being fixed. that's what this government is determined to do. >> one of my constituents has learned that when the bedroom tax is introduced she will have 24 pounds a week to live on. she is so anxious about how she's going to manage. she is having cognitive behavior therapy. but her anxiety is totally understandable. does the prime minister agree with me that those who should be receiving the cognitive behavior therapy are the ones, namely his ministers, who think she could live on 24 pounds? >> i think the party opposite does have to address the fact that for 13 years in government they were perfectly content to have a housi

we opened, which was a spectacular opening concert about five weeks after that the economy completely crashed. my plan -- and i'm absolutely dogmatic about my plans --were delayed slightly. i would say that in this very difficult timefor the arts and everyone, especially the arts, it's phenomenal how new century has grown where many unfortunate organizations have stopped. during this period we got ourselves on national radio presence; we started touring, releasing cds, a dvd. we continue to tour. reputation grows and grows and grows and it has never stopped going forward. msk(music) >> the bay area knows the orchestra. you maybe take things for granted a little bit. that is simply not the case will go on the road. the audiences go crazy. they don't see vitality like this on stage. we are capable of conveying joy when we play. msk(music) >> any performance that we do, that a program, that will be something on the program that you haven't heard before. string orchestra repertoire is pretty small. i used to be boxed into small repertoire. i kept constantly looking for new repertoire and

down our debt in a way that grows our economy and create good jobs. the decision that will make a real difference in the strength of our recovery. we began with economists and business leaders saying that we are poised to grow. there are signs of progress. car sales are at a five year high. manufacturing is coming back. businesses created 2.2 million jobs last year. we have learned that our economy created more jobs in the last few months that economists are originally thought. this week we also received the first testament of the economic growth over the last a few months. it reminded us that bad decisions in washington can get in the way of economic rugrats. we agree -- economic progress. we agree that we cannot cut our way to prosperity. it has not worked in the past and it will not work today. it could weaken our economy. a could cost us jobs. not just now, but in the future. what we need is a balanced approach. an approach that says let's cut would we can afford, but make the investments we cannot afford to live without. investment in education, research thomas development. -- of

session which topics included state of the economy, housing benefits for veterans and a proposed tax increase on beer and alcohol. this is 35 minutes. dispersed so they can go to the projects so desperately needed. >> order. questions to the prime minister. >> number one, mr. speaker. >> thank you, mr. speaker. mr. speaker, this morning i had meetings with ministerial colleagues and others, and in addition to my duties in the cells i shall have further such meetings later today. >> thank you, mr. speaker. is it right that a mother and my contingency may not -- confirmed by his minister, her son serving in her majesty's armed forces -- [inaudible] >> the reforms to housing benefit that we're putting in place, and i'm happy to look at the case of the honorable lady says -- [shouting] >> but they have a very clear principle out of their hard. there are many people who don't have housing benefit, who cannot afford extra bedrooms, and we have to get control of housing benefits. we are now spending as the country 23 billion pounds on housing benefits and we have to get that budget under co

.s. economy. martin regalia, chambers chief economist will talk about recent gross domestic product figure and what policy the obama administration and congress to propose to help stimulate the economy. this is just getting under way. >> a prime example of our ability to involve experts and debates on topics that are critical to the business community. i'm going to start us off today by queuing a video from christopher giancarlo of the gfi group, our sponsor, for this series. but for some want to make a brief announcement. this series, this economic series that we pose every quarter, has been accredited by the national association of state boards of accountancy to provide continuing professional education, credits for accounting professional. so we are quite excited of that and hopefully you will as well. this accreditation highlights the value of this and other programs that would hold her at the chamber. for more information on that please visit our website, or speak to some of folks outside in the registration desk. after the video i'm going to ask marty to come up directly and begin th

'm christine romans. 2013 could be a boom year for the economy. how do you capitalize? start with understanding that today smart is the new rich. who better to have on than the smartest, richest man in the u.s., bill gates? you'll hear from him in a moment. >>> plus, media mogul arianna huffington on creating jobs. first, the soaring stock market. does that mean the economic recovery is real or is something else going on here? >>> looming budget cuts. >> we can't keep spending money we simply do not have. >> tax uncertainty. >> the deficit is still too high. >> gridlock over how to fix it. if it weren't for politicians in washington, 2013 could be a boom year. take a step back. your home, your investments, your job. the three ways most people build wealth are all set to take off. home prices rose 5.5% in november, biggest jump in six years, stocks are at five-year highs, near records. the dow is up 800 points in just four weeks. jobs are coming back. things are looking bright in 2013, but to capitalize, you'll have to get ready. and get smart. because smart is the new rich. company profits are

. >>> and now to the economy. the labor department releases january's report this morning. the economy remains sluggish challenged by a steep decline in defense spending and the impact of higher social security taxes. susan mcginnis is in washington this morning. susan, good morning. >> anne-marie, good morning. we have an economy still struggling despite positive signs like higher consumer spending and business. we expect sluggish growth in today's report. of course, any surprises there could jolt the market. wall street is eagerly awaiting the government's january jobs report. analysts predict the company added jobs last month but not enough to budge the unemployment rate from its current 7.8%. >> it's been a slow process. >> latoya patrick is one of america's estimate 12 million unemployed workers. she's been looking for a job since the fall after graduating with a master's degree. >> i'm not going to lie. it's been tough sometimes. when you're home, you feel like i spent all this time going to school and it's like nobody's giving you a chance. >> economists say until more people like latoy

start a businesses create jobs and spur the economy. we will hear from jerry moran who authored the start impact, legislation aimed at helping businesses grow the economy. this discussion as part of a policy summit held by the consumer electronics association in las vegas. it is an hour. >> so, good afternoon. my name is larry downes. it means for an hour i can be up here and not back in the audience taking notes. just before the election, i wrote an article asking what it was that of intrapreneurs needed from washington. our panelists today may have a more productive agenda to discuss. i know there are many in the audience who are from washington. that is great because you will be hearing from some actual business owners and organizers -- organizations interested to talk about when the start up a economy does and does not need from washington. it is my great pleasure to introduce senator jerry moran will provide some introductory mar remarks -- remarks. both in the senate and then before 2010, and during seven terms in the house. he successfully led opposition with senator bide

have a real job. selling bootleg dvds in the fleamarket or working in whatever underground economy. how do you craft this so we do not fall into the same trap? >> thank you for that question. it is good to see a fellow texan from south texas. first, i believe as a nation we are stronger because we ask folks to take an oath, and allegiance to the united states of america. >> no question about it. >> that requires full participant nation in the democracy of citizenship. i cannot imagine an america where we can sign -- consign these folks to an underclass status. >> what we put into law to not invite people to do the same thing again? that is my concern. >> first of all, the only way you will accomplish that is with a comprehensive approach. you do not want to find yourself. 10 are 20 years now. the legislation should include enhanced border security. enhanced interior security. >> would you support the idea -- the lin >> i would support technology that ensures that people who are here are here legally. whether it is that or something like that, there are more people more qualified to spea

. >> i want to -- you look at all the numbers we got this week, the gdp report, the economy technically shrinking by 0.1 for the fourth quarter and most of it being chalked up to government -- to the lack of government spending particularly in the defense industry. and yet there were other parts of it in the private sector that looked strong. what's the reality here? are we an economy that's growing, that's recovering, or are we in an economy that's still on shaky ground? >> we're growing and we're recovering. the economy as measured by, say, gdp, that's kind of the economy's bottom line, that's the value of all the things we produce, that's been going 2%, 2.5%, and i don't think it's changed, that's about what we're growing right now. that's okay. but it's certainly not good enough in the context of the 7%, now 7.9% unemployment rate. yes, the economy is growing. yes, with each passing month we're on more sound ground but, you know, i don't think anyone's going to feel really good until unemployment is below 6%. >> and the big issue continues, one of the odd issues has to be consumer c

programs. a lot of these visa programs, especially when the economy's doing really well and there's a lot of jobs available in the country, they fill up pretty quickly. visas for high-skill immigrants , the tech really wants that, wants more of those. you also have the h-2-b visas for foreign workers kind of for nonagricultural seasonal businesses. and you also have the h-2-a visa program which is mostly for agricultural workers. all these visa programs either have an arbitrary cap or are not being used that widely. basically that what businesses is want is they want to adjust these programs to the market so they can kind of rise and fall with demand. >> we thank you for your time today. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] >> if you go to most american hivetry textbooks i would also make you a bet, if you go back to the textbooks you had in high high school, you can take me up on my bet, but my bet with you is that in your american history textbooks in high school, if you go to the index, you will find no mention

, so we can strengthen our economy, and strengthen our country's future. think about it. we define ourselves as a nation of immigrants. that is who we are, in our bones. the promise we see in those that come here from every corner of the globe, that has always been one of our greatest strengths. it keeps our recourse young, a key to our country on the cutting edge, and helped to build the greatest economic engine the world has ever known. after all, immigrants help to start businesses like google, and yahoo!, they created entire new industries that in turn created new jobs and new prosperity. in recent years, one in four high-tech start-ups in america were founded by immigrants. one in four new small business owners were immigrants, including right here in nevada. folks who came here seeking opportunity and now want to share that opportunity with other americans. but we all know that today we have an immigration system that is out of date and badly broken. a system that is holding us back, instead of helping us to grow our economy and strengthen our middle-class. right now, we have

to al jazeera. asking for a fair day's pay indonesia oppose the economy booms. people are demanding an increase in the minimum wage. the french minister calls the conflict in mali a real war. there's a new effort to save the ancient roman city of pompeii . a tunisian opposition leader has died after being shot outside his home in the capital tunis. shokri belaid led the unified democratic nationalist party and had been a strong critic of tunisia's government. witnesses say that he died in a clinic after being attacked when he left home. this shows the place reportedly where he was shot. his family and the prime minister have called it an assassination. the leader of the party which dominates the government says it undermines the ability of tunisia. >> this is a heinous political climate seemed to undermine the stability of the country. targeting our transition to democracy and any development projects currently planned by the government. we consider the perpetrators as enemies of the country, of democracy, and of islam. >> a member of the opposition blame the government for the kill

focused on health care, some thought to the detriment of the economy. is he in danger of making the same mistake twice. >>> later koor, could a piece o equipment from the nfl's past protect players from today. one that's always eluded me. thought i had it in the blizzard of '93. ha! never even came close. sometimes, i actually think it's mocking me. [ engine revs ] what?! quattro!!!!! ♪ officewith an online package new colincluding: domain name,y! website builder with five pages and basic email just $49.99! that's up to 76 percent below online providers and only at officemax stores! [heart beating] [heartbeat continues] [heartbeat, music playing louder] ♪ i'm feeling better since you know me... ♪ announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at everybeatmatters.org. >>> the economy, domestic policy and republican head winds with the hill's a.b. stoddard, former labor secretary elaine chao and mike duffy up next. -oh! oh! oh! ♪ what do you know? oh! ♪ bacon? -oh! -oh! oh!

the economy, and but drug-traffickers out of business. but, it is a slippery slope. ron crumble from within. i agree with you. we also asked the question of gerriwillis.com. 453 to 45 percent said yes, 57 percent said no. more obamacare drama. the congressional budget office estimated the health care law will cost over a trillion dollars over the next ten years and is questioning readiness of the state insurance exchanges. never fear, cbo, the states are hiring navigators, tens of thousands of workers needed to help people register for the health insurance exchanges. according to the "washington post," state officials are facing a herculean task of finding these navigators. long-term cost will have to come from the exchanges, which will rely on fees from insurers. the money for fees will not be available until 2014, far after the navigator's will have to be working in in place. in the meantime, some workers may be funded by federal grants, private money domestic budgets, not good news for most states facing financial straits. california alone is planning to hire 21,000 of these exchange helper

, stimulate the economy but drug traffickers out of business. >> no no. a slippery slope. gerri: i agree. also on gerriwillis.com to. gerri: percent said no. obamacare drama, the cbo estimate in health care law will cost one point* $3 trillion over 10 years and is questioning readiness of the state insurance exchanges, never fear states are hiring navigators' helping people to register but according to the "washington post" state officials are facing a herculean task to find them that cost will come from the exchanges it and from the fees but those are not available until 2014. but in the meantime some could be funded by state budgets, a private money or grants not good news but california is planning to hire 21,000 and the tab will go into hundreds of millions , another unintended consequence of obamacare. none of them have been good. that is my $0.2 more.t he have a great night. we'll see you tomorrow. white h. the president today made his plea for help in deferring the onset of the sequestered for another few months. it sounds a lot more like an order for more of the same short term, small

's latest unemployment statistics and wondering what they say about their economy as a whole. revised numbers for 2012 are offering encouragement, but the data for january suggests more challenges lie ahead. u.s. labor department spokespersons say the unemployment rate for january edged up to 7.9%. it was 7.8% in the previous month. it stayed below 8% for five straight months. american employers added 157,000 jobs in the non-farm sector. analysts had expected 180,000. employment in the retail sector rose by 33,000. transportation in warehousing shed about 14,000 jobs. the latest u.s. labor report shows employers added more jobs in 2012 than previously estimated, but economists are also focusing on the weaknesses the january data exposed. here's the chief economist from the daiwa capital markets america. >> on the positive side, there were no upward revisions to pass job data on job growth. if you look at the data for 2012, we are now looking at 180,000 jobs per month rather than an average of 153,000 per month. that's a noeshl upward revision, and it shows that the labor market strong

care, some thought to the detriment of the economy. is he in danger of making the same mistake twice. >>> later, could a piece of equipment from the nfl's past protect players from today. -- protect its players today. list of almost two thousand corporate partners - companies like microsoft, american red cross and adobe - to create options for you. not only that, we're using what we learn from these partners to shape our curriculum, so that when you find the job you want you'll be a perfect fit. let's get to work. >>> the economy, domestic policy and republican head winds with the hill's a.b. stoddard, former bush labor secretary elaine chao, former adviser melody barnes and mike duffy of "time" magazine up next. ng a fulltime indoor cat wasn't easy for atti. but he had purina cat chow indoor. he absolutely loved it. and i knew he was getting everything he needed to stay healthy indoors. and after a couple of weeks, i knew we were finally home! [ female announcer ] purina cat chow indoor. and for a delicious way to help maintain a healthy weight, try new purina cat chow healthy weigh

economy, and the influence of our diplomacy and the creative energy of our people remain unrivaled. no, it is because as the world has changed, so to have a level -- the levers of power that can most effectively shape international affairs. i have come to think about it like this. truman and acheson were killed in the parthenon with classical geometry and clear lines. tellers or a handful of big institutions and alliances dominated by major powers. that structure delivered unprecedented peace and prosperity. time takes its toll, even on the greatest edifice. we do need a new architecture for this new world. more frank gehry than formal greek. some of his work at first might appear have howser. in fact, it is highly intentional -- half hazard. in fact, it is highly intentional and sophisticated. today, we need a dynamic mix of materials and structures. american military and economic strength will remain the foundation of our global leadership. as we saw from the intervention to stop the massacre in libya to the rate at brought osama bin laden to justice, there will always be times when

february 6th. and speaker john boehner has spoken. if america's economy collapses, then don't blame him. he did his part. he voted to cut meals on wheels. ♪ >> i don't like the sequester. i think it's taking a meat ax to our government. >> i believe they should at least pass a smaller package of spending cuts and tax reforms. >> i think the sequester's going to happen. >> washington desperately needs some adult leadership. >> talking like adults. let's get this country back on the mother [ bleep ] track. oh yeah! >> the president and the first lady are kind of like the mom and the dad of the country. >> there isn't any resistance to obama anywhere. >> at some point washington has to deal with its spending problem. >> and when your dad says something, you listen. and when you don't, it usually bites you in the [ bleep ] later on. >> i've had enough of it. it's time to act. ♪ >>> the clock is now ticking on what many economists say is a near-certain double dip recession if more than a trillion dollars in automatic spending and defense cuts are allowed to occur at the beginning of next mon

the economy a $100 billion and the recovery efforts are still going on. so, it could delay some rebuilding activity... activity >> reporter: in new york city and elsewhere, preparations are being made for clean-up. >> we have more than 250,000 tons of salt on hand. >> reporter: according to the long island power authority, the storm has the potential to cause power outages for 100,000 customers on long island. and for the first time ever, lipa is deferring storm operations and response to its subcontractor, national grid. but in manhattan today, it was mostly business as usual, although many workers did try to leave early to beat the snow. and if the snowfall is anywhere close to the storm of '78, you'll see the impact in economic data in the weeks ahead. >> usually major storms cause increased volatility in economic data. so, that jobless claims jump significantly in the beginning as government offices close, because of the storm. and they surge back up after the offices reopened. >> reporter: if there's a silver lining in this storm, it's the timing. the heaviest snowfall will happen ov

. >> what's the difference? i don't think it's necessarily a reflection of an economy that's also gaining momentum. i think that the economy is more moving sideways at this point than anything. there are other underlying reasons for the equity market to perform as well as it has and part that have is, of course, central bank policy, but, you know, i know it makes for a neat little discussion, but ultimately i'm more concerned about the economics of this, and the economics of this is we're moving sideways, not gaining much momentum at this point. >> that's what we're seeing, a choppy situation when it comes to the actual fundamentals and it's really about the federal reserve and why so much money is moving into the market. the question is do you think it's sustainable, given the fact that so far fundamentals have not mattered. what does 2013 lock like? >> i heard some equity strategists say s&p 1,700, an while fundamentally i'd love to toss that person out the window, practically speaking i think why not? why can't you get there, because at the end of the day, we're not being driven by fun

'm christine romans and this is "your money." ali velshi is off this week. the economy looks like it's ready to take off, 157,000 new jobs added in january. the unemployment rate rising slightly to 7.9% from 7.8%. there's room for improvement. but it continues a trend. now 28 months strong. a trend of more jobs added every month. stocks are soaring with the s&p 500 a good example of what americans are holding in their 401st and i.r.a.s crossing the 1,500 threshold since 2008. and housing that helped fuel that recession, it looks like it's making a comeback. 2012 was the best year in real estate for five years. home prices jumped 5.5% year over year in november. that's the biggest in six years. with interest rates on six-year lows, you can get 3.5% on a 30-year fixed mortgage. home price should continue to go up. it's not all positive. gross domestic product shrank for the first time in three years coming down ever so slightly by 0.1% in the fourth quarter of 2012. with stocks and housing looking up, why should gdp come down? blame it on washington. showdowns on capitol hill over fiscal cliff

, without regard to the impact of those cuts, both on the economy and on some very important programs. >> you know what the republicans' answer to that is. they say one of the concerns is as we look ahead, and to increase needs for medicare and medicaid. social security, if that deficit reduction is going to stop, it's going to go if the other direction, so the time to cut is now. >> well, i think we can plan to cut, but we saw what happened in the last quarter with reductions in defense spending bringing in a negative gdp for january. if we actually have the kind of cuts that are projected in the sequester, that would do very serious damage to the economy in the short term. so we ought to talk about what we need to do, but right now the economy is much too fragile to impose another $85 billion in cuts. >> i'm sure you heard as we were just talking with kelly ayotte about what they had to say about all this. i'm wondering do you think they'd rather see the sequester kick in than raise taxes? how entrenched is this on the republican side? >> i think with many of them, it is pretty much

, it was still a healthy number that should continue to help the economy. >> reporter: the main reason for optimism: those positive revisions to november and december jobs data. it turns out, the government underestimated how many positions were added by 127,000. it was that miscounthat helped push the dow over 14,000 for the first time in more than five years. and, at 14,000 the blue-chip index is about 150 to 200 points away from its all-time high. market pros like wayne kaufman predict new highs for stocks in coming weeks. >> many investors, retail investors, individual investors are reaching the point of recognition where they no longer believe the economy is going to collapse again, or that the stock market is going to collapse again. >> reporter: surely, an improving job market will keep investors jazzed about stocks. to that end, economists expect employers to continue adding about 150,000 jobs a month this year and the unemployment rate to inch lower. >> i think by the end of the year we're probably going to be looking at unemployment rate of 7.5% to 7.4%. certainly not low eno

. >> business has created 2.2 million jobs last year. we just learned that our economy created more jobs over the last few months than economists originally thought, but this week we received the first estimate of the economic growth over the last few months. it reminded us that bad decisions in washington can get in the way of our economic progress. >> jamie: just yesterday we saw the recent job numbers tick up and the u.s. economy is worse off than it was four years ago in four major categories. let's take a look. first unemployment rate january 2009, it was 7.8% and it is 7.9%. then under employment, percentage of americans who are not working as much as they are able to. in 2009 it was 14.2% and today it kicked up to 14.4%. four years ago, 12 million americans were out of work and now it's 12.3 million. today less than 64% of americans that are capable of working are actually out there looking. that is down 2% from 2009. let's bring in angela and jehmu greene and former president of the women's media center. nice to see you. okay, let me ask you first, angela, it sounds like more finger p

's pushing the middle out strategy for improving the economy, it makes so much sense even the president is beginning to talk about it. he did during the campaign. we'll talk about it with nick hanour when we come back. >> we're a nation of doers and dreamers and we work hard. i believe that the way you grow the economy is from the middle out. [ ♪ music ♪ ] yep. yep. ok. sure. why not? woah. touchscreens. put that in your dash. now, luxury stuff. make your seats like that. that thing has wifi, why doesn't your car? you can't do that. ignore that guy. give it wifi. yes! make it fit 5 people. no, 5 actual sized people. give them leg room, good. destroy boring car interiors forever. and that's how you do it. easy. ♪ ♪ >> obama: i believe that the way you grow the economy is from the middle out. i believe in fighting for the middle class because if they're prospering, all of us will prosper. that's the idea of america. that's why america is the greatest nation on earth. >> cenk: that was an ad in the middle of the campaign, and when i saw that, i thou

the economy is in a recession or if it it's sagging, then you need deficit spending to get it moving. republicans used to agree with that. even in 2007 and 2008, they were proposing different stimulus measures. they no longer agree with the idea that they get the economy moving in a rough time. so maybe you have to actually have some spending cuts go into effect and see the effect on the economy for them to recognize the fact that oh, yes, if we take this money out of the economy, the economy will go down. that's what happened last quarter. if you hit the pentagon and if you hit domestic spending there's no question that the economy will retreat. so maybe they actually have to see that happen and then there will be some type of political reckoning and a turnaround and we can talk rationally about how to get this economy going again and create jobs. >> of course the president insisted -- and he talked about this yesterday -- he thinks we have to stop lurching from crisis to crisis. >> we continue to have these self-inflicted crisis here in washington that suddenly leads everybody to t

. china is back and we're seeing the managed triumph of an economy. is that your take? >> pretty clear to me. through wrought the whole concerns about china, which, of course, went on and off all the way through until the late autumn, i was very skeptical about that and i thought we were managing things pretty well. so i was and i remain very relaxed and we'll get the next sets of chinese data in the next week or so. and i'm pretty sure it will show further evidence of china bouncing a bit. .more importantly, that china is slowly adjusting to an economy not so dependent on exports or government investment. and that's what they need and that's what we all want from them. and that is pretty important. >> jim, is it your thought that people should at this point just kind of hold off and pull back and wait and see what happens over the next several months instead of sell in may and go away, is this sell in february and go away? >>. i prefer the sell in may and go away. it has a remarkable rhythm to it. and the fact that a couple of other things successfully passed in january, it's the firs

the economy as it did claiming it was fixed and then finding excuses and scapegoats when its premature announcements turn out to be false, i would suspect the economy is doing better than it is today. >> austin is a key member and today a professor of economics at the university of chicago booth coolal school of business. in fairness, this white house spends a lot of time blaming republicans for economic problems. has it gone overboard? perhaps too much politics and not enough policy because we did have an election. >> you know, i thought that was kind of a weird, cheap shot to come from the minority leader. i think the difference between being recovered and being in recovery is pretty different. and that is we're growing at a modest pace. we should be growing faster, but we're about the fastest growth of the advance world. but we still have a long way to go before we're back to where we were prebubble days and prerecession. i think the job's numbers, they were okay. you know, they were about what was expected. we saw over the last year, we've added a little more than 2 million jobs. t

firm challenger gray and christmas says it suggests that the economy is heading upward in the early part of the year. we won't have to worry about the debt ceiling for a few months. the senate approved a bill yesterday for a short-term suspension of the debt limit until may 19th, easing fears of a government default. the president is expected to sign it soon. the bill also includes an incentive for lawmakers to create a budget by april 15th - or go without pay. mortgage rates are on the rise. according to freddie mac, 30- year rates surpassed 3.5% for the first time in nearly four months. the average 30-year fixed rose to 3.53%, up from 3.42% last week. the 15-year fixed jumped to 2.81% from 2.71%. the company allegedly behind robo signing mortgages is paying a $120-million settlement. 46 states will recieve a share of the payout. the company, lender processing services, is accused of wrongfully foreclosing on homes when people should have been allowed to stay. the company is accused of using robo-signing to automatically sign documents without proper review. shares of lender proces

. >> policy wise, i think that they help our economy. >> legal or illegal. >> giving foreign workers access to our labor markets makes those markets more efficient and make us more productive country economically. that has been the case for hundreds of years in this country. just as the free trade of goods and services makes our economy more efficient so does the free movement of labor across international borders. that the is the economic case. these workers are filling niches in our labor market. >> paul: but they are already here. so 11 million is the estimate. why just not settle for the status quo rather than put them on a legal path and change the law? >> first of all, if they are here illegally, they are open to exploitation by employers. we don't want that. the economy has absorbed those that already here, but our economy will continue to grow, maybe not as much as we like under the current president. we will grow again and have a need for more workers. we need a legal way for them to come. >> we need skilled workers, scientists and engineers because we are not graduating enough ame

, federal debt/deficit, which of those three issues will be paramount in that senate campaign? economy improves, it will be the economy. if it is beyond the economy, i think health care might be an issue. whatever democrat runs probably voted for it. whatever republican runs and did not vote for it. i do not think that will be a big issue unless there is a lot of administrative action taken by this president that is going to turn gun owners off. then the president could raise it to a big campaign issue. i do not think any action by congress will raise it to a big campaign issue. >> i want to ask the questions about immigration reform. a group of eight senators are trying to draft legislation and take the lead on this issue. were you asked to be in the group? what i was not. i suppose i could have volunteered. as ranking member, art dealer leading ranking member of the judiciary committee, it is more ideologically divided. i think i have to be a person that is an honest broker. i am going to look at it from the standpoint of my participating in the 1986 act and try to make sure some of

' they're even willing to hurt the economy itself. it's that's what it takes to hurt the president, they're willing to do it. >> any immediate economic setback or the perception of one could weaken obama's clout. maybe a sour economy is worth it if it will distract obama. >> there's a lot of talk these days about how the gop can come back politically. the quickest possible way politically with a contracting economy, if it happened again in the next quarter, that's a recession. >> shrinking the economy is a gop plan for a quick comeback? a sowerer economy is worth it if it distracts obama? folks, they really mean this. but despite it all. , the economy is improving under this president. we now have 35 straight months of private sector job growth. we've also learned today the economy added over 2 million jobs last year. the best year for the jobs since 2005. republicans are playing politics with people's lives. they're obsessed with cuts instead of jobs. they're focused on spending instead of hiring. the president kept his job because the american people trust him to create jobs for them.

prices. they're increasing sides that europe's economy is getting better. got some good earnings reports from some of the big companies. no matter what they want you do believe -- for today, at least -- the economy is looking up. i'm shepard smith. see you back here tonight on fox report. you'll be all right. [screaming] >> well, like the sequel to a 1950s horror film, only is this fly going to stick? welcome. i'm stewart in for neil cavuto. remember this, that fiscal cliff deal, huge amount in tax hikes. not much in the way of spending cuts. are we about to see the sequel? the president is calling on congress to pass another quick fix to avert those automatic spending cuts he originally signed off on, kicking in march 1 income, and this includes new tax revenues. the former south carolina senator jim demint says we have seen how the movie ins and it's not go. okay, jim, spell it out. more tacks and not so many spending cuts. what's the result? >> you have to scratch your head. the federal government will receive historically high tax revenues this year, yet we've double spending. it's a

decisions over the economy. >> it has nothing to do with the obama administration. the problems of the post office go back way before president obama existed. the reality is it's an inefficient organization that has to answer to the government to make decisions. the problem is people aren't using the post office. >> let me make a quick point. first of all it's not inefficient. >> you're right. i don't mean inefficient. >> i know what you mean. 50 cents you can send a letter wherever in the universe. >> that part is efficient. you're right. >> i want to make a supporting argument here. i disagree that it is sentimental. there is a famous video of claire mchaskill longing for the days of getting mail. >> the senator? what's the story with her? >> jon stewart ripped her to shreds. >> the point that's valid is we are big city folk. in the smaller, rural parts of the country and you can speak to the congressmen representing the districts the post office is the central meeting place. i have never been to these places. there is something going on there. i respect that. >> if you go on a listening

economy really slumping? and how stupid is it for the president to dissolve his jobs council, which by the way was nothing more than business window dressing anyway. at least today congress did pass a debt ceiling extension so we won't go bankrupt immediately. joining me now, cnbc chief international correspondent michelle caruso cabrera and laffer. i want to ask you about this whole business. government spending on defense really collapsed and helped bring down yesterday's gdp. >> yes, it did. >> so all the liberals are saying see, we told you so, if you cut spending, you're going to ruin the economy. do you believe that? >> no, not at all. government spending is taxation. milton always said it. the government redistributes resources. you can see it really clearly. two-person world, farmer a and farmer b, if farmer b gets unemployment benefits, who do you think pays for them, farmer a? you know, government spending is taxation. the reason we have the great recession is because of the government spending, not in spite of it. >> follow-up. it would be bullish for economic growth. >>

countries grow their economies not just through traditional assistance but also through greater trade and investment, partnerships with the private sector, better governance and more participation from women. we think this is an investment in our own economic future and i love saying this because people are always quite surprised to hear it, seven of the 10 fastest growing economies in the world are in africa. other countries are doing everything they can to help their companies win contracts and invest in emerging markets. other countries still are engaged in a very clear and relentless economic diplomacy. we should, too, and increasingly, we are. and make no mistake, there is a crucial strategic dimension to this development work, as well. weak states represent some of our most significant threats. we have an interest in strengthening them and building more capable partners that can tackle their own security problems at home and in their neighborhoods, and economics will always play a role in that. next, think about energy and climate change. managing the world's energy supplies in

in a period where we're concerned, well, how did he do that? the economy grew a lot. maybe more than 3% sometimes. unemployment was below 5% the budget was balanced due to his own parsimony. how did i manage to make the budget go lower? how did that help the economy? a lot pause he got the government out of the way of the economy. >> amity shlaes tracings the life of the 30th president of the united states, in coolidge on c-span's q&a. >> wisconsin governor scott walker delivered his state of the state address in madison recently where he called on state lawmakers to put forward, a quote, environmentally sound mining bill. he also pushed for a income tax cult for the middle class and job creation. the governor said he was doubling down on his efforts to meet his 2010 campaign promise to create 250,000 private sector jobs over the years. this is about half an hour. [applause] >> at this time, at this time it is my privilege to introduce our friend, the governor of the state of wisconsin, scott walker. [cheers and applause] >> thank you. thank you. thank you. [applause] thank you. thank

:00 p.m. we get our first check on the economy in the new year. the january jobs report is out and despite improving signs, the economy shrank at the end of last year. >> january brought 157,000 new jobs and another 100 27,000 not previous -- 127,000 not previously counted, but the jobless rate went up to 7.9%. >> there is a role for more measures to nudge the rate down. >> there was a shrinking economy at the end of the year. >> we are not going anywhere fast. >> the economy is on a seesaw. >> the president can make any excuse he wants but it will not help americans find jobs. >> the president's job council expires today. >> the white house will begin a new effort to work with the business community. >> the labor secretary thinks immigration reform will help. >> if we can bring those 12 million out of the shadows, that is over $2 trillion. >> congress extended the debt ceiling, that they have yet to prevent big spending cuts. >> 800,000 civilians will lose their jobs. bases will have to be closed. the grants will have to be stopped. >> that could add to the unemployment number

roundtable will be back after the break on the economy. >> the dow hit t 14,000 on friday. that did not disguise bad news bring for the washington area and national e economy. we f found out the gdp shrank due to cuts in defense spending just as reports came out congress is no closer to deal to avoid sequestration cu. we saw the number of jobs created is not grong fast enouough. more peoplple are filing fo unemployment.. herere to discuss this are twtwo of our favavorite contributors, j josh boaknd sahil kapur. welcome. there are plenty of ways to see a bright side in the economy. there are plenty of ways where people are worried as well. we have some breaking news on friday that the district financial officer is resesigni after last year he agreed to another fi-year term. what do you make of that? >> most voters saw him as the one official they y did not want toto see leave the governmt. >>>> you are rightht. many a are noot popular right now. >> this is s a prty good one with the d.c. government having the surprplus. >> foror all the praise for him ovover the yea that he has taken

the spectrum have said that our economy is poised for progress in 2013. and we've seen signs of this progress over the last several weeks. home prices continue to climb. car sales are at a five-year high. manufacturing has been strong. and we've created more than six million jobs in the last 35 months. but we've also seen the effects that political dysfunction can have on our economic progress. the drawn-out process for resolving the fiscal cliff hurt consumer confidence. the threat of massive automatic cuts have already started to affect business decisions. so we've been reminded that while it's critical for us to cut wasteful spending, we can't just cut our way to prosperity. deep, indiscriminate cuts to things like education and training, energy and national security will cost us jobs, and it will slow down our recovery. it's not the right thing to do for the economy. it's not the right thing for folks who are out there still looking for work. and the good news is this doesn't have to happen. for all the drama and disagreements that we've had over the past few years, democrats and republic

. we still have a risk to the economy. i don't see us heading off to a robust, fast recovery. i think 2013 will be better than 2012. i wish i could tell you that it would be really good because that's what we need. >> i don't call myself an economist. i specialize in economic policy. i try to be a good consumer of other forecasts. one thing i learned from that is frankly i don't trust any macro forecast that goes beyond six months. i don't think -- they are just guessing beyond that. i think we probably -- at least i would have similar reactions. i am still concerned about the risks posed by europe. i'm still quite concerned about the risks from things heating up in the middle east. the u.s. economy is repairing itself. we don't have at significant housing drag that we did a year or two ago. balance sheets are repairing. yes, things seem to be heading in the right direction. but i also think that people often make the mistake of confusing the level for the growth rate. i think we need to understand that even if the economy grows at 2% or 3% this year which seems to be the optimistic b

, minus one, plus one. all that is a power point. our economy is sluggish today, and there's no reason for it. we have a wonderful country. we have great resources, we still have a free world, the opportunity to move forward. here's my message to the leadership in washington, get in the game. >> thank you. >> join us on monday. have a great weekend. "squawk on the street" starts right now. >>> we have breaking news on this jobs friday. welcome to "squawk on the street." i'm melissa lee, with carl quintanilla and david faber. we're closing in on 14,000. a leg higher in futures just moments ago. the dow looking at 112 points at the open. the s&p 500 looking at about 11 at the open. of course, this is after the best month for january, since january of 1987. as for the picture over in europe, taking the lead from here in the united states in terms of gains, we do see the cap up by 1.3%, and the dax in germany up .6 of 1%. in asia, the real star is the nikkei, embarking on 12-week winning streak with the yen weakening down to 92 versus the u.s. dollar. of course, the road map here starts wi

a handle on the economy. let's run through a couple examples. on wednesday reports emerged that the economy contracted for the first time this three he years. yesterday applications for jobless benefits jobbed by more than 38,000 in a week, topping out at 368,000. this news coincidentally came the same day team obama announced it is disbanding the jobs council and then the icing on the cake the unemployment rate back up to 7.9% and the number could easily be over 10% if the labor department didn't play with the number yous to suit the left wing. leslie is also a fox news contributor. hugh i will start with you. tough week for obama-nomics. what do you expect when you only spent 5.8 trillion bucks. >> may go down as the worst reek the recognition we are going into an obama recession and the president has turned his back on the nation's unemployed. the number going up to 7.9%. every where you you turn every arm of the obama administration is launching a war on jobs. every agency. the consequences are this are just beginning to show up and he is indifferent to this and going to shock a lot of

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